A plant that will recycle all types of plastic is to be set up on Teesside, creating 100 jobs.
The facility will process tonnes of plastic that previously could not be recycled.
Currently, almost 80% ends up as litter, landfill of incinerated waste.
Mura Technology has announced that construction has already started and that the site should be operational by 2022.
The firm hopes to then set up more sites round the world and process one million tonnes of waste by 2025.
It is predicted that the amount of waste going into our oceans will increase tenfold by 2025.
How are all plastics recycled?
Supercritical steam is used to convert plastics back into the oils and chemicals they were made from. Then they can be re-used.
Dr Steve Mahon, CEO of Mura Technology, said: “We are at the tipping point of an environmental catastrophe – it’s time to seize the initiative and put an end to plastic pollution across the world.
“We need to act now and that’s why we’re taking a global-first approach – to scale fast and meet the challenge head on."
The concept has also been backed by environmental groups campaigning to tackle the plastic waste crisis.
Jo Ruxton, Founder of Ocean Generation and producer of Netflix documentary ‘A Plastic Ocean’, said: “More than eight million tonnes of plastic enters our oceans each and every year – that’s unacceptable. It’s paramount that we live more sustainably with plastic, reducing our need for it in the first place and then finding ways to stop it entering our precious environment. Technologies like this are a big piece of that jigsaw.”